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Foxtale's revenue soars to Rs 83 Cr in FY24, losses widen

EntrackrEntrackr · 6m ago
Foxtale's revenue soars to Rs 83 Cr in FY24, losses widen
Medial

Foxtale, a direct-to-consumer (D2C) skincare brand, reported Rs 83 crore of revenue in its third full fiscal year, which ended in March 2024. However, in pursuit of scale, the losses for the Mumbai-based company crossed Rs 50 crore in the same period. Foxtale’s revenue from operations surged around 6X to Rs 83 crore in FY24 from Rs 14 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Founded in 2021 by Romita Mazumdar, Foxtale is an affordable skincare brand focused on products designed for Indian skin. Its products target issues such as acne, aging, and hyperpigmentation. The brand's products are available on its website and various marketplaces, including Nykaa, Amazon, Blinkit, Flipkart, and Myntra. The sale of skin and beauty products was Foxtale's sole source of revenue in the previous fiscal year. Similar to other D2C skincare brands, Foxtale spent Rs 50 crore on advertising and promotion, which is 36% of its overall cost. This cost saw an increase of 3.8X during FY24. To the tune of scale, its cost of procurement grew 5.8X to Rs 35 crore in the previous fiscal. Foxtale's employee benefit expenses, including salaries, provident fund (PF), gratuity, and ESOPs, surged 2.8x to Rs 20 crore in FY24. Its delivery, legal, outsourcing manpower, and other overheads pushed the overall expenditure to Rs 139 crore in FY24 from Rs 33 crore in FY23. Despite registering 6x fold in scale, higher advertising expenses and employee benefit costs drove Foxtale's losses up by 189% to Rs 55 crore in FY24, compared to Rs 19 crore in FY23. On a unit level, it spent Rs 1.67 to earn a rupee of operating revenue. At the end of FY24, its current assets were recorded at Rs 69 crore, including cash and bank balances of Rs 44 crore. Foxtale has emerged as one of the few D2C startups to secure $48 million across two funding rounds in just seven months. Its latest $30 million round was spearheaded by Japanese beauty products giant, Kose Corporation. Its major competitors include Sugar Cosmetics, WOW Skin Science, Plum, MamaEarth, Minimalist, and several others.

Battery Smart’s revenue triples in FY24 but losses widen over 2X

EntrackrEntrackr · 2m ago
Battery Smart’s revenue triples in FY24 but losses widen over 2X
Medial

Battery Smart, a battery-swapping network for electric two- and three-wheelers, recorded a three-fold increase in revenue for the fiscal year ending March 2024. However, its losses also doubled as the Gurugram-based company aggressively pursued scale. Battery Smart’s operating revenue soared 193% to Rs 164 crore in FY24 from Rs 56 crore in FY23, as per its consolidated financial statements sourced from the Registrar of Companies (RoC). The company made additional Rs 23 crore from interest on financial assets which pushed its total income to Rs 187 crore in FY24. On the expense side, depreciation charges ballooned 3.8X to Rs 85 crore, while finance costs rose nearly 3.75x to Rs 45 crore. Employee benefit expenses increased 95.2% to Rs 41 crore. Interestingly, advertising expenses fell by 60% to Rs 8 crore during the said fiscal year. Overall, Battery Smart’s total expenditure more than doubled to Rs 327 crore in FY24 from Rs 125 crore in FY23. Despite strong top-line growth, Battery Smart’s losses widened significantly. The company posted a net loss of Rs 140 crore in FY24, more than double the Rs 61 crore loss in FY23. Its Return on Capital Employed (ROCE) and EBITDA margin stood at -18.34% and -5.35%, respectively. On a unit basis, the company spent Rs 1.99 to earn a rupee in operating revenue. As of March 2024, the Gurugram-based firm reported current assets worth Rs 328 crore including Rs 107 crore in cash and bank balance. According to startup data intelligence platform TheKredible, Battery Smart has raised a total of approx $192 million of funding till date, having Tiger Global and Blume Ventures as its lead investors. Its co-founders Pulkit Khurana and Siddhart Sikka together own 28.5% of the company. Battery Smart remains one of the better positioned firms to benefit from the increased electrification of mobility in India, particularly two and three wheelers. The firm has incurred high costs as it establishes the best SOP and learns, never an easy task in a complex market like India. What probably helps it is the almost complete focus on B2B segments. The biggest risk factor of course remains the pushback from large manufacturers to have proprietary batteries, or a preference to build their own swapping networks as seen in the case of Honda recently. However, Battery Smart continues to have a lot going for it particularly in the three wheeler segment, where the swapping model trumps charging for now, by saving time and ensuring higher usage of the vehicle.

Qure.ai revenue soars 83% to Rs 141 Cr in FY24, slashes losses

EntrackrEntrackr · 9m ago
Qure.ai revenue soars 83% to Rs 141 Cr in FY24, slashes losses
Medial

Healthcare firm Qure.ai recently raised $65 million in a funding round led by Lightspeed Ventures and 360 One Asset Management. This investment follows an impressive 83% growth in Qure.ai’s revenue, which surpassed Rs 140 crore in FY24. The Lightspeed-backed firm also reduced its losses by 38.5% in this period. Qure.ai’s revenue from operations grew to Rs 141 crore in the fiscal year ending March 2024 from Rs 77 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Qure.ai offers AI-driven solutions designed to assist radiologists and physicians in diagnosing critical conditions such as tuberculosis, lung cancer, and stroke. In the last fiscal year, sales of these tools and software contributed 87.23% of the company’s operating revenue, doubling to Rs 123 crore. The remaining revenue was generated from the sale of healthcare products. In line with many tech and AI-driven companies, employee benefits made up more than half of Qure.ai’s total expenses. These costs surged by 66.2%, rising to Rs 108 crore in FY24 from Rs 65 crore in FY23, with Rs 12 crore allocated to ESOP expenses, a non-cash component. Additional expenses, including costs for materials, communication, travel, advertising, legal, and other overheads, contributed to an 18.2% overall increase in expenses, pushing total costs to Rs 201 crore in FY24 from Rs 170 crore in FY23. See TheKredible for the detailed expense breakup. An over 80% surge in scale, combined with effective cost controls, enabled Qure.ai to cut losses by 38.5%, reducing them to Rs 48 crore in FY24 from Rs 78 crore in FY23. While its EBITDA margin improved, it remained negative at -22.73% in FY24. On a unit basis, the company spent Rs 1.43 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -78.02% -22.73% Expense/₹ of Op Revenue ₹2.21 ₹1.43 ROCE NA NA The Mumbai-based firm has raised over $120 million to date, including a recent $65 million round. According to startup data platform TheKredible, notable investors in Qure.ai include Peak XV, Lightspeed, Fractal, and Novo Holdings. Large funding rounds of the type Qure.ai has attracted are increasingly available only for firms that have traveled some distance in demonstrating market acceptance. For Qure.ai, that is evident in the topline as well as the spread of more sophisticated diagnostic tools that are available more widely in India today, promising a heady period of strong growth for the foreseeable future.

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